Letter: Company puts stock price over its future
Ramon Garcia, electrical engineering manager, simulates working on the NEXUS 420si ion beam etching system at Veeco in Plainview. The machine is used to manipulate thin material for applications such as data storage. Credit: Chris Ware
Your article on Veeco Instruments Inc. of Plainview, a maker of equipment used to manufacture electronics, highlights a major problem with the U.S. economy [“Veeco savings plan boosts shares,” News, Oct. 6].
Rather than spend more on research and development to improve the long-term prospects of the company, Veeco is cutting $10 million in annual research spending to boost its stock price. To Wall Street, this makes the company more valuable?
Following this line of thought, perhaps I should stop spending money to care for and educate my children.
Bob Nicolai, Northport
